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Talk about working weekends. This one takes the cake and all eyes are on Washington now...
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If the plan is approved, the government could purchase as much as $700 billion in mortgage-related "toxic assets" from US firms. The Treasury is also floating the idea of having Wall Street asset managers oversee the toxic debt.
The participation of banks in the problem loan pool will be "primarily American" with some participation by US affiliates of foreign banks, Congressional leaders tell CNBC.
What You Were Reading:
- Democrats Seek Changes To Wall Street Bailout Plan
- Proposals for US Bad-Debt Fund
- Poll: Can Congress Pull It Off — in Time?
Congressional leaders have promised swift action on the bailout package but many details are still to be worked out.
Sen. Charles Schumer (D-NY), chairman of Congress' Joint Economic Committee, says the government plan is a good start but doesn't go far enough.
"But it includes no visible protection for taxpayers or homeowners," says Schumer. "We look forward to talking to Treasury to see what, if anything, they have in mind in these two areas," he said.
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The Treasury and Federal Reserve have already put nearly $1 trillion of taxpayer money on the line to help credit flows.
On the corporate front, a US bankruptcy judge approved U.K. bank Barclays' [BCS
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And Morgan Stanley's [MS
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] board is expected to meet over the weekend to discuss a merger with Wachovia, The Wall Street Journal reports.
A deal could include sovereign wealth fund China Investment Corp. taking a significant stake in the combined company. But CIC's interest may be contingent on Wachovia being able to offload some of its mortgage assets, the report said.
The Present Day:
- Citi Plans to Unload Part of Government Stake
- Bernanke: Recession 'Likely Over', Recovery to Be Slow
- Cramer: Boo Hoo Obama Needs to Cheer Up
- Remember when auto shows were major events where new models could generate buzz?
- CNBC’s Mike Huckman visits a cutting-edge plant to see how the flu vaccine of the future is being made.
- People who bottle up their anger at work are up to five times more likely to suffer a heart attack, a study found.
- Playboy will outsource its publishing operations in a bid to become profitable again.
- A new McDonald's in Manhattan is the nation's first to sport a sleek, chic interior imported from stores in London and Paris.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
Data is a real-time snapshot *Data is delayed at least 15 minutes